"Premium Strategy Worked" Genesis Sells 800,000 Units in 7 Years

Hyundai Motor Vice Chairman Chung Eui-sun is announcing the launch of the Genesis brand in November 2015.

[Asia Economy Reporter Choi Daeyeol] Hyundai Motor's premium brand Genesis has surpassed 800,000 units in sales for the first time in 7 years. It is highly likely to exceed 1 million units next year.

According to Hyundai Motor's sales performance data on the 16th, a total of 806,739 units have been sold domestically and internationally since its launch year in 2015, starting with 384 units. Of these, 575,712 units were sold domestically and 231,027 units overseas.

On a cumulative basis, sales exceeded 700,000 units last May, and an additional 100,000 units were sold within five months. Considering the easing of the vehicle semiconductor supply shortage and the gradual improvement in production and sales, it is expected to surpass 1 million units around mid-next year.

Setya Utama, Deputy Minister of the Indonesian National Secretariat (from left), Pratikno, Minister of the Indonesian National Secretariat, Park Tae-sung, Ambassador to Indonesia, and Lee Young-taek, Head of Hyundai Motor Asia-Pacific Region, are posing for a commemorative photo with the G80 electrified model to be used at the G20 Bali Summit. Hyundai Motor supported 393 electric vehicles, including the long-wheelbase version of the G80 electrified model, during the event period.

By model type, sedans account for about 70%. The mid-to-large sedan G80 sold 334,110 units, representing more than 40% of the entire Genesis brand. Sports Utility Vehicles (SUVs) make up about 30%, with the GV80 being the best-selling at 127,707 units.

SUVs sell more overseas. While the export ratio of the G80 and large sedan G90 is around 10%, the GV60 and GV80 have exports exceeding 40%. The GV70's export ratio is about 39%.

Genesis launched the G90 (then named EQ 900 domestically) in November 2015 as Korea's first premium domestic car brand, challenging the luxury car market. At that time, Chung Euisun, then Vice Chairman of Hyundai Motor and now Chairman of Hyundai Motor Group, led the entire process before the brand's launch, from the initial planning stage to recruiting external personnel and organizational restructuring.

Genesis plans to release only electric vehicles for all new models starting in 2025. The strategy is to establish its position as an electric vehicle brand ahead of Hyundai Motor and Kia.

This content was produced with the assistance of AI translation services.